Market System

Imagine a life in which every single action that we made was basically owned and operated by the government. Now, imagine the opposite. Imagine that you are free to make the choices that you want without having to give your rights up to the government. I know, at times, we feel that America is truly run from the government and we have no choice; but, compared to other countries, America has a lot of freedom when it comes to the rights of the individuals. The economic system that the United States uses is capitalism. Capitalism is the economic system that is also known as the free market system, and is based off on private ownership, economic freedom, and fair competition. Other countries, however, use socialism as their economic system. Socialism is based on the principle that the government should operate some of the key enterprises that affect the welfare of the public. Finally, some countries choose to use communism as their economic system. Communism is based off of the principle that the government should operate and direct almost all enterprises. Clearly, these three economic systems are very different in the way that they operate. In this paper, I am going to compare and contrast the three types of economic systems: capitalism, socialism, and communism.

Capitalism, also known as the free market system, is the economic system used by the United States. Because of capitalism, we have what are called fundamental rights. Fundamental rights are rights that the people have because of living in a capitalist economy. Capitalism gives the right to own a business and to keep the profits that are earned after taxes have been taken out. This means that if you earn money from a business, you get to keep it after you are taxed by the government. Obviously, business owners are always hoping for a lower tax rate so that they can earn more profits off of…...

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II- Marketing today
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OVERVIEW OF MARKETING
1
LEARNING OBJECTIVES
After reading this module, students should:
Know why marketing is important
Know what is the scope of marketing
Know some of the fundamental marketing concepts
Know how marketing management has changed
Know what are the necessary tasks for successful marketing management
Know scope and importance of marketing
Know what are the recent trends of marketing
Know what are the different levels of market segmentation
Know how a company can divide a market into segments
Know how a company should choose the most attractive target markets
Know what marketing mixes are.
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See Complete Details at:
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a) Examine the arguments in favour of a free-market system of resource allocation
b) Explain how market failure can occur and suggest how the government in a country of your choice has sought to correct those market failures.
1.0 FREE MARKET SYSTEM
‘’If you leave the Market going alone, it will balance as there was an invisible hand’’
(Smith,1776).
Free markets have many virtues. Arguably, the most recognized is the expansion of individual choice, and thus freedom, through mutually beneficial exchange.
(Bauer, 2002, p.171)
1.1 Basis of the free Market:
According to Adam Smith ,the free market system was based in: Free enterprise or ‘’Laisser faire’’, individualist, risk, capitalism.
* Free enterprise (Laisser faire): The government does not run anything.
* Individualist: Only individual matter, not community, not society.
* Risk: Everyone can make a lot or can loose a lot. Everyone take his owns risks.
* Capitalism: where the main thing is to make profit.
2.0 THERE ARE FOUR MAIN ARGUMENTS IN FAVOR OF A FREE MARKET SYSTEM:
1) DEMAND AND SUPPLY MAKE PRICE 2.1
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